Cardano’s $ADA token began trading on a Japanese exchange for the first time earlier today. It means that citizens of Japan (a country with a population of approximately 126 million) can now invest in $ADA more readily.
Sebastien Guillemot, CTO at dc park and former Co-VP of Engineering & Cardano PM at EMURGO, said that $ADA has been accepted for listing on a Japanese crypto exchange and explained why this is significant.
According to Guillemot, it is difficult for crypto assets to obtain regulatory approval listed on crypto exchanges. Only a tiny number of crypto assets have been allowed thus far (e.g., Bitcoin, Bitcoin Cash, Ethereum, Tezos, and Polkadot).
He remarked that this is massive news for the Japanese market. Roughly akin to $ADA finally listing on Coinbase in March. Japanese crypto exchange BITPoint stated that $ADA would list on its platform in late August on the same day.
It expects that many DApps (distributed applications) would be developed and used by implementing intelligent contract technology in the future. This will in turn, achieve further growth of the ecosystem and protocol.”
The ADA-JPY pair posted on BITPoint earlier today, and trading began.
Coinfirm, a provider of regulatory technology and blockchain analytics, its strategic partnership with the Cardano Foundation will ensure that Cardano can fully comply with the FATF’s (Financial Action Task Force) guidelines, 6AMLD. Other supranational and national regulations.
Mel McCann, Cardano Foundation’s Head of Technical Integrations, stated:
“AML/CFT analytics are required for a cryptocurrency to gain widespread adoption in regulated markets. The tools and services provided by Coinfirm enable any exchange, custodian, or another third party to follow the history of ada kept in their wallets.
According to TradingView data, ADA-USD is presently trading for $2.7479 on crypto exchange Kraken (07:55 UTC on August 25). It is up 124 percent in the previous one-month period. It is an even more astounding 1465 percent year-to-date.
$ADA has outperformed the vast bulk of crypto assets. Because of this, it is not surprising that this outstanding performance has not gone unnoticed by institutional investors. According to CoinShares’ most recent “Digital Asset Fund Flows Weekly” report (published on Monday), Solana and Cardano had the most significant inflows last week, with $7.1 and $6.4 million moving into $SOL and $ADA investment products, respectively.